The Manufacturers Life Insurance Company Sells 1,057 Shares of Grindr Inc. (NYSE:GRND)

The Manufacturers Life Insurance Company lowered its position in Grindr Inc. (NYSE:GRND) by 7.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,625 shares of the company’s stock after selling 1,057 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Grindr were worth $225,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in Grindr by 31.9% in the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock valued at $47,000 after buying an additional 642 shares in the last quarter. Quarry LP boosted its stake in Grindr by 209.2% in the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after buying an additional 2,316 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Grindr in the 4th quarter valued at $89,000. R Squared Ltd acquired a new stake in Grindr in the 4th quarter valued at $101,000. Finally, Polymer Capital Management HK LTD acquired a new stake in Grindr in the 4th quarter valued at $178,000. Institutional investors own 7.22% of the company’s stock.

Grindr Stock Down 0.1%

NYSE:GRND opened at $23.49 on Monday. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of -67.12 and a beta of 0.28. Grindr Inc. has a twelve month low of $8.95 and a twelve month high of $24.80. The stock’s 50 day moving average price is $19.64 and its two-hundred day moving average price is $17.73.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. As a group, analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director James Fu Bin Lu sold 200,811 shares of Grindr stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $24.05, for a total transaction of $4,829,504.55. Following the completion of the transaction, the director now directly owns 28,082,445 shares in the company, valued at approximately $675,382,802.25. The trade was a 0.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total value of $49,631.34. Following the transaction, the insider now owns 613,800 shares of the company’s stock, valued at $9,961,974. This represents a 0.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,470,198 shares of company stock valued at $35,043,865 in the last 90 days. 76.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. JMP Securities reissued a “market outperform” rating and issued a $24.00 target price on shares of Grindr in a research note on Monday, April 21st. The Goldman Sachs Group raised their price target on Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Finally, Raymond James reaffirmed an “outperform” rating and set a $26.00 price target (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Grindr currently has an average rating of “Buy” and a consensus target price of $23.25.

Grindr Profile

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.